News Archive

Management Share Incentive Scheme

16 February 2018

Anglo African Oil and Gas plc, an independent oil and gas developer, announces that it has today awarded a total of 3,680,254 options ("Options") over ordinary shares in the Company ("Ordinary Shares") to James Berwick, Chief Executive Officer, and James Cane, Finance Director. Under the Management Share Incentive Scheme, the Options will generally not vest until daily total oil production at the Company's 56 per cent-owned Tilapia oilfield in the Republic of the Congo reaches certain production milestones measured over a consecutive 30-day period: one-third vests at 1,000 bopd; one-third at 2,500 bopd; one-third at 5,000 bopd.

All the Options have an exercise price of 20 pence per Ordinary Shares, which represents a premium of 120 per cent to the closing price of AAOG's Ordinary Shares on 15 February 2018.

  Options awarded No. of Options held post-award Exercise price
James Berwick 3,189,333 3,189,333 20p
James Cane 490,921 3,189,333 20p

It is intended that, as far as possible, options will be granted as enterprise management incentive ("EMI") options within Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003. EMI options have potential tax advantages for both employer and employee.

Prior to this award, the Company had 5,887,745 O ptions outstanding.  Following this award, there is now a total of 9,567,999 Options outstanding, representing 12.1 per cent of the Company's fully diluted ordinary share capital. At IPO, the number of Options outstanding represented 15.0 per cent of the Company's then fully diluted ordinary share capital. 

Following the issuance of these options, all executive directors now hold equal numbers of Options with identical terms.

David Sefton, Executive Chairman of AAOG, commented, "Tilapia represents a very special opportunity and the business case of the Company is as compelling as ever. I believe that the opportunity for the Company is underlined by the new Chief Executive Officer, James Berwick, taking management incentive options based upon the same ambitious production targets as those granted at admission to listing and with an exercise price of 20p, which is based on the admission price. This fits with the Company's stated strategy of ensuring that the interests of management are aligned with the interests of our investors".

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

For further information please visit www.aaog.co or contact:

Anglo African Oil & Gas plc Tel: c/o St Brides Partners
+44 20 7236 1177
David Sefton, Executive Chairman
James Berwick, Chief Executive Officer
 
   
finnCap Ltd (Nominated Adviser and Broker) Tel: +44 20 7220 0500
Christopher Raggett, Giles Rolls, Anthony Adams (Corporate Finance)  
Emily Morris (Corporate Broking)  
   
St Brides Partners (Financial PR) Tel: +44 20 7236 1177
Frank Buhagiar, Hugo de Salis  

 

Notes to Editors

Anglo African Oil & Gas (AAOG) is an AIM-listed independent oil and gas company that owns a 56% stake in the producing Tilapia oil field in the Republic of the Congo.

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1. Details of the person discharging managerial responsibilities / person closely associated
a) Name James Berwick
2. Reason for the Notification
a) Position/status PDMR
b) Initial notification/Amendment Initial
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Anglo African Oil & Gas plc
b) LEI 213800UHZ95NBIY48I53
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the Financial instrument, type of instrument Options over ordinary shares of 5p
Identification code GB00BD0Q3L08
b) Nature of the transaction Grant of Options
c) Price(s) and volume(s) Exercise price of 20p each
3,189,333
d) Aggregated information:
- Aggregated volume
- Price
As above
e) Date of the transaction 16 February 2018
f) Place of the transaction Outside of trading venue

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

5. Details of the person discharging managerial responsibilities / person closely associated
a) Name James Cane
6. Reason for the Notification
a) Position/status PDMR
b) Initial notification/Amendment Initial
7. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Anglo African Oil & Gas plc
b) LEI 213800UHZ95NBIY48I53
8. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the Financial instrument, type of instrument Options over ordinary shares of 5p
Identification code GB00BD0Q3L08
b) Nature of the transaction Grant of Options
c) Price(s) and volume(s) Exercise price of 20p each
490,621
d) Aggregated information:
- Aggregated volume
- Price
As above
e) Date of the transaction 16 February 2018
f) Place of the transaction Outside of trading venue

 

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